Approved scheme—conditions
100 Approved scheme—conditions
A fidelity fund scheme’s approval is subject to the following conditions:
the approved scheme must continue to comply with the approval criteria;
the trustees of the approved scheme must tell the Minister, in writing, if there is a material change to the way in which the approved scheme complies with the approval criteria;
a condition prescribed by regulation;
any other condition the Minister considers appropriate.
A condition may be expressed to have effect despite anything in the prudential standards.
The trustees of an approved scheme each commit an offence if the scheme does not comply with a condition mentioned in subsection (1).
Maximum penalty: 60 penalty units.
An offence against this section is a strict liability offence.
This provision refers to the regulations (prescribed by regulation
). Made under this Act:
- Building and Construction Legislation Amendment Regulation 2025 (no 1) · under s 152
- Building (General) Regulation 2008 · Rule · under s 152
This Act’s bill:Explanatory statementSecond reading speech
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